Hyderabad: Notwithstanding skyrocketing prices of gold, consumers in India continue to invest in the precious metal, with overall demand rising 8% taking it to 136.6 tonne in the first quarter of 2024, against 126.3 tonne in the corresponding quarter of 2023, according to the World Gold Council.
Gold prices soared to all-time high levels of over $2400 per ounce in international markets in April this year and are currently, hovering around $2,300 levels.
However, the demand for the bright yellow metal did not drop among investors.
In India, the total jewellery demand went up a modest 4% to 95.5 tonne in Q1 of 2024 from 91.9 tonne in Q1 of 2023.
At the same time, the total investiment demand in the country jumped 19% to 41.1 tonne in A1 of 2024 from 34.3 tonne in Q1 of 2023 and even at the current level, the demand for the yellow metal in India continues to remain constant.
The demand for gold in India, which is in the range of 700-800 tonne annually since 2019 is expected to increase to 800-900 tonnes in 2024.
